Overview
- Senate and House leaders released reconciled text on Tuesday, June 16 that merges both chambers’ priorities and sent the 21st Century ROAD to Housing Act back to the Senate for final action before an expected House vote next week.
- The bill amends the Federal Reserve Act to bar the Fed from issuing or creating a retail central bank digital currency through Dec. 31, 2030 and defines a CBDC as a widely available, Fed-backed digital dollar.
- The text carves out private dollar-denominated stablecoins that are open, permissionless, and private so those tokens remain outside the Fed moratorium and keep protections similar to physical cash.
- Lawmakers preserved a limit on large institutional single-family holdings, roughly defined as owners of 350 or more homes, and removed an earlier House proposal that would have forced build-to-rent owners to sell units after seven years.
- Beyond the CBDC and investor limits, the package bundles nearly four dozen housing and banking changes aimed at boosting supply and lending, includes a three-year CDBG‑DR sunset and will shift how federal agencies and local governments implement zoning, permitting, and recovery grants with real effects for homebuilders, renters and buyers.